Air Products and Chemicals, Inc. (APD) is a global leader in the industrial gases sector, focusing on energy, environmental, and emerging markets. The company produces essential industrial gases such as oxygen, nitrogen, argon, hydrogen, and helium, serving industries like refining, chemicals, metals, electronics, manufacturing, medical, and food . APD also designs and manufactures equipment for air separation, hydrocarbon recovery, and purification, as well as liquid helium and hydrogen transport and storage . A significant portion of its revenue is generated through long-term on-site supply contracts, and the company is a major player in the clean hydrogen market, supporting the transition to low- and zero-carbon energy .
- Industrial Gases - Produces and supplies essential industrial gases such as oxygen, nitrogen, argon, hydrogen, and helium to various industries including refining, chemicals, metals, electronics, manufacturing, medical, and food .
- Clean Hydrogen - Develops and operates large-scale projects in the clean hydrogen market, focusing on low- and zero-carbon energy solutions for industrial and heavy-duty transportation sectors .
- Equipment Products - Designs and manufactures equipment for air separation, hydrocarbon recovery, and purification, as well as liquid helium and hydrogen transport and storage, including turbomachinery and cryogenic containers .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Eduardo F. Menezes ExecutiveBoard | CEO | None. | Joined APD as CEO in February 2025. Former EVP at Linde plc, with extensive experience in industrial gases and global operations. | |
Seifi Ghasemi ExecutiveBoard | Chairman, President, and CEO | Member of The Business Council, US-India Strategic Partnership Forum, and U.S.-China Business Council. | Seifi Ghasemi has led APD since July 2014, creating over $44 billion in shareholder value and implementing a Five-Point Plan to transform the company into an industry leader. | |
Ahmed Hababou Executive | President, Middle East and India | None. | Joined APD in 2002. Leads operations in the Middle East and India, with prior experience in green hydrogen and specialty gases. | |
Brian Galovich Executive | Executive Vice President and Chief Information Officer | None. | Joined APD in December 2020. Leads digital transformation and IT operations globally. Promoted to EVP in October 2024. | |
Francesco Maione Executive | President, Americas | None. | Joined APD in 1998. Oversees operations in the Americas, including sustainability and productivity initiatives. | |
Ivo Bols Executive | President, Europe and Africa | None. | Joined APD in 1988. Leads operations in Europe and Africa, with extensive experience in merchant gases and global operations. | |
Kurt Lefevere Executive | President, Asia | None. | Joined APD in 1994. Leads operations in Asia, with prior leadership roles in Northern Europe and strategy development. | |
Melissa N. Schaeffer Executive | Executive Vice President and CFO | None. | Joined APD in 2016, promoted to EVP in October 2024. Oversees global financial operations and strategic planning. | |
Sean D. Major Executive | Executive Vice President, General Counsel, and Secretary | None. | Joined APD in 2017. Oversees legal, compliance, and corporate governance functions. | |
Victoria Brifo Executive | Executive Vice President and Chief Human Resources Officer | Board member of Trinseo plc. | Joined APD in 2001. Leads HR, corporate communications, and corporate relations. Promoted to EVP in October 2024. | |
Walter L. Nelson Executive | Senior Vice President, Global Helium and Rare Gases | None. | Joined APD in 1990. Leads the helium and rare gases business globally, with extensive experience in operations and commercial roles. | |
Wilbur Mok Executive | Senior Vice President, Equipment Businesses | None. | Leads APD's equipment businesses. Further details on his career and achievements are not provided in the documents. | |
Wolfgang Brand Executive | President, Project Delivery and Technology | None. | Joined APD in May 2020. Previously led the NEOM Green Hydrogen project and now oversees project delivery and technology. | |
Dennis H. Reilley Board | Vice Chairman of the Board | None. | Former Chairman, President, and CEO of Praxair, Inc. Recognized for driving shareholder value and operational excellence in the industrial gases sector. | |
Wayne T. Smith Board | Chairman of the Board | Director at ONEOK, Inc.. | Joined APD's Board in 2021. Former Chairman and CEO of BASF Corporation, with extensive experience in chemicals and industrial gases. |
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Given that only 35% of the production capacity at the NEOM green hydrogen project has been contracted on a take-or-pay basis so far, how confident are you in securing offtake agreements for the remaining capacity before the project's completion at the end of 2026?
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With permits for the Louisiana blue hydrogen project expected to be issued in 2025 and 2026, and considering that your net cash flow projections starting in 2027 do not include project financing or equity partnerships, what are the risks of potential delays or cost overruns impacting these financial targets?
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The Middle East and India segment has shown declines due to reduced merchant demand and pricing pressures, particularly in the United Arab Emirates. What strategies are you implementing to address these challenges and improve performance in this region?
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After exiting the proposed $4.5 billion green hydrogen joint venture in Northern Texas, how does this decision affect your overall clean hydrogen strategy, and are there concerns about meeting internal return targets for future clean energy projects?
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With the LNG business contributing about 4% of earnings (approximately $0.49 per share) and now being discontinued, how do you plan to offset this 4% headwind in FY2025 to maintain your growth trajectory?
Research analysts who have asked questions during Air Products & Chemicals earnings calls.
Christopher Parkinson
Wolfe Research
6 questions for APD
John Ezekiel Roberts
Mizuho Securities
6 questions for APD
Kevin McCarthy
Vertical Research Partners
6 questions for APD
Patrick Cunningham
Citigroup
6 questions for APD
David Begleiter
Deutsche Bank
4 questions for APD
Jeffrey Zekauskas
JPMorgan Chase & Co.
4 questions for APD
John McNulty
BMO Capital Markets
4 questions for APD
Laurence Alexander
Jefferies
4 questions for APD
Duffy Fischer
Goldman Sachs
3 questions for APD
Josh Spector
UBS Group
3 questions for APD
Joshua Spector
UBS
3 questions for APD
Matthew Deyoe
Bank of America
3 questions for APD
Michael Leithead
Barclays
3 questions for APD
Michael Sison
Wells Fargo
3 questions for APD
Steve Byrne
Bank of America
3 questions for APD
Arun Viswanathan
RBC Capital Markets
2 questions for APD
Duffy Fisher
Goldman Sachs
2 questions for APD
Jeff Zekauskas
JPMorgan Chase & Co.
2 questions for APD
Vincent Andrews
Morgan Stanley
2 questions for APD
Avi Ganesan
Wells Fargo & Company
1 question for APD
Daniel Rizzo
Jefferies
1 question for APD
Dan Rizzo
Jefferies
1 question for APD
David Huang
Deutsche Bank
1 question for APD
James Hooper
AB Bernstein
1 question for APD
Laurent Favre
BNP Paribas
1 question for APD
Michael Harrison
Seaport Research Partners
1 question for APD
Mike Sasson
Wells Fargo
1 question for APD
Patrick Fischer
Goldman Sachs
1 question for APD
Sebastian Bray
Berenberg
1 question for APD
Steven Haynes
Morgan Stanley
1 question for APD
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Air Liquide S.A. | Each of the regional industrial gases segments competes against three global industrial gas companies, as well as regional competitors. Competition in industrial gases is based primarily on price, reliability of supply, and the development of industrial gas applications. |
Each of the regional industrial gases segments competes against three global industrial gas companies, as well as regional competitors. Competition in industrial gases is based primarily on price, reliability of supply, and the development of industrial gas applications. | |
Messer Group GmbH | Each of the regional industrial gases segments competes against three global industrial gas companies, as well as regional competitors. Competition in industrial gases is based primarily on price, reliability of supply, and the development of industrial gas applications. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Uzbekistan Asset Purchase | 2023 | Air Products’ acquisition involves purchasing a natural gas-to-syngas processing facility in Uzbekistan for $1 billion; the deal includes acquiring, owning and operating the facility under a 15-year on-site contract, with progress payments already made and structured as a financing arrangement. |
Small Acquisition in Middle East and India | 2022 | No specific details were provided aside from its mention as a small acquisition contributing to sales growth in the region, so key deal value, structure, and strategic rationale remain unspecified. |
Recent press releases and 8-K filings for APD.
- Air Products delivered $12.03 EPS and a 23.7% operating margin in fiscal 2025, marking the 43rd consecutive year of dividend increases and returning $1.6 billion to shareholders.
- For fiscal 2026, the company guides EPS of $12.85–$13.15 (7–9% growth) and Q1 EPS of $2.95–$3.10, with $4 billion in capital expenditures and continued focus on pricing, productivity, and helium headwinds.
- Capital expenditures are expected to decline to ~$2.5 billion per year after 2026; there remains $2.5 billion of spend on underperforming projects (2026–2028), and new commitments to the Louisiana blue hydrogen project are paused pending off-take agreements.
- Since 2022, the company has implemented 3,600 headcount reductions (≈16% of peak workforce), targeting $250 million in annual cost savings (≈$0.90 per share).
- The NEOM green ammonia project is 90% complete, with renewable power commissioning by early 2026 and full ammonia production expected in 2027.
- CEO Eduardo Menezes expects to deliver further updates on the key Gulf Coast project before the end of 2025, emphasizing a return to value creation for shareholders, customers, and employees.
- The helium market has undergone structural shifts following the BLM’s exit, with major players building storage caverns; Air Products forecasts 2027 as the market trough before stabilization.
- On the NEOM ammonia project, initial product sales will be as conventional ammonia, with green ammonia volumes expected to grow over time; specific 2027 EPS contributions remain under review.
- Equity affiliate income saw a strong second half from the Mexican JV, with flat contributions projected for FY 2026 and a rebound at Jazan as interest rates decline.
- The electronics segment will benefit in the near term from the ramp-up of the new Taiwan facility, which started operations this year.
- In Q4 FY25, adjusted EPS of $3.39 (-5% YoY, +10% QoQ) and adjusted operating income of $812 MM (-4% YoY, +10% QoQ) with a 25.6% margin (-100 bp YoY, +110 bp QoQ); volume headwinds from LNG divestiture and helium were offset by favorable currency and productivity gains.
- For FY25, sales totaled $12.0 B, adjusted EPS was $12.03 (-3% YoY), adjusted operating income was $2.858 B (-3% YoY), and adjusted ROC was 10.1% (-120 bp YoY); operating cash flow reached $3.3 B with $1.6 B returned in dividends.
- FY26 guidance includes adjusted EPS of $12.85–$13.15 (+7–9% YoY), Q1 EPS of $2.95–$3.10 (+3–8% YoY), and capital expenditures of ~$4.0 B (-$1.0 B vs FY25).
- The company exceeded its FY25 guidance midpoint, emphasizing pricing excellence, cost productivity, core industrial gases projects, and the rationalization of large energy transition initiatives such as NEOM Green Hydrogen and the pending Louisiana Blue project.
- FY2025 EPS of $12.03 beat the midpoint of guidance; operating margin 23.7%, ROIC 10.1%; $1.6 billion returned to shareholders and 43rd consecutive dividend increase.
- FY2026 EPS guidance of $12.85–$13.15 (+7%–9%) and Q1 EPS of $2.95–$3.10; CapEx expected at ~$4 billion for fiscal year 2026.
- Since 2022, 3,600 headcount reductions (
16% of peak workforce) are on track to deliver $250 million in annual cost savings ($0.90/share). - NEOM green ammonia project ~90% complete with full production by 2027; Louisiana blue hydrogen project pending uptake agreements and potential divestiture of CO₂ sequestration assets.
- Fiscal 2025 full-year GAAP loss per share of $1.74 and operating loss of $877 M; adjusted EPS of $12.03 and adjusted operating income of $2.9 B
- Q4 FY25 GAAP EPS of $0.02 and operating income of $17 M; adjusted EPS of $3.39 and adjusted operating income of $812 M
- Fiscal 2026 guidance: adjusted EPS of $12.85–$13.15, Q1 EPS of $2.95–$3.10, and capital expenditures of ~$4 B
- Reinforced focus on core industrial gas projects and rationalized energy transition project portfolio
- Air Products reported fiscal 2025 GAAP loss per share of $1.74 and an operating loss of $877 million, reflecting $3.7 billion in pre-tax charges; on a non-GAAP basis, adjusted EPS of $12.03 and adjusted operating income of $2.9 billion exceeded the guidance midpoint.
- In Q4 FY25, GAAP EPS was $0.02 with operating income of $17 million, while adjusted EPS of $3.39 and adjusted operating income of $812 million also surpassed the guidance midpoint.
- Full-year sales were $12.0 billion, down 1% year-on-year, with Q4 sales of $3.2 billion, also down 1%.
- The company expects fiscal 2026 adjusted EPS of $12.85–$13.15, Q1 adjusted EPS of $2.95–$3.10, and capital expenditures of approximately $4 billion.
- Air Products & Chemicals, Inc. has entered underwriting agreements for issuing senior notes in both U.S. and European markets, as reflected in recent 8-K filings.
- The U.S. offering includes $600 million of 4.300% Senior Notes due 2028 and $500 million of 4.900% Senior Notes due 2032, with proceeds closing on June 11, 2025.
- A Eurobond issuance of €500 million in 3.250% Notes due 2032 is scheduled to close on June 16, 2025, backed by legal opinions confirming the validity of the notes.
- Reported Q2 FY25 performance with a GAAP net loss of $1.7B and loss per share of $7.77 , alongside an adjusted EPS of $2.69 and adjusted EBITDA of $1.2B with a 6% decline amid lower volumes and rising costs .
- Updated guidance to a full‐year adjusted EPS of $11.85–$12.15, Q3 EPS guidance of $2.90–$3.00, and an expected fiscal CapEx of ~$5B .
- Refocused on core operations: Emphasizing industrial gases through enhanced on‐site projects with long-term take-or-pay agreements and operational excellence from a $35B investment base .
- Implemented project adjustments by advancing key initiatives in Saudi Arabia and Louisiana while canceling underperforming U.S. projects, incurring a $2.3B after-tax charge for cost reductions .
- Announced a leadership update with the appointment of Eduardo F. Menezes as CEO and raised the quarterly dividend to $1.79 per share, marking the 43rd consecutive dividend increase .
- Highlighted mixed segment performance in the Americas, Asia, and Europe, where modest revenue gains were offset by margin pressures and execution challenges .